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Definitions and explanations of various pricing terms and strategies, including profit-oriented and sales-oriented pricing objectives, breakeven analysis, elastic and inelastic demand, mark up pricing, price skimming, penetration pricing, status quo pricing, bundling, predatory pricing, and the unfair trade practices act. Companies must develop specific pricing objectives to thrive in competitive markets.
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that which is given up in an exchange to acquire a good or servicemost flexible of the four P'scan be changed on short notice/no cost associated with it TERM 2
DEFINITION 2 specific, measurable, attainable pricing objectives if they want to thrive in highly competitive markets TERM 3
DEFINITION 3 profit orientedsales orientedstatus quo TERM 4
DEFINITION 4 companies trying to make a quick buckselling to generate large revenues TERM 5
DEFINITION 5 if a companies pricing objective is to meet the competition or maintain existing prices
profit = expenseswhat sales volume must be reached TERM 7
DEFINITION 7 when goods/services are exchangedtrade for tradeno money involved TERM 8
DEFINITION 8 small change in price results in a significant increase in demandE is greater than one TERM 9
DEFINITION 9 large change in price results in a smaller insignificant increase in demandE is less than one TERM 10
DEFINITION 10 = total fixed costs / contribution margin per unit where contribution margin is price-variable cost per unit
charging a price identical to or very close to the competitors price TERM 17
DEFINITION 17 combining two or more products in a single packagesell product with accessories for a lower priceex: wii fit with balance board TERM 18
DEFINITION 18 practice of charging a very low price for a product with the intent of driving competitors out of business or sometimes out of the market TERM 19
DEFINITION 19 in US selling below the cost is illegalknown as dumping